Being the official export credit agency, Türk Eximbank services our exporters in line with our country’s export strategies through its servicing network that now covers 24 branches and 7 liaison offices, including 1 new branch and 2 new liaison offices opened in 2024. As at year-end 2024, the Bank’s total export credits amounted to USD 48.7 billion. The Bank extended loans worth USD 24.1 billion, of which USD 8.7 billion is medium- and long-term credits. On another front, Türk Eximbank insured receivables worth USD 24.6 billion, thereby offering our exporters a safe sales environment in the same timeframe.
The number of credit-customer exporters the Bank has lent money to reached 13,735, and that of insured exporters to 7,493. In this framework, total number of unique exporter companies increased by 5.4% to 17,838, with 83.4% of them falling in the SME category.
An overview of 2024 activities…
Aiming to support our exporters in international competition and contribute to growing the goods and services export from our country, Türk Eximbank extended a total support of USD 48.7 billion to Türkiye’s exports in 2024, comprised of USD 24.1 billion in credits and USD 24.6 billion in insurance and guarantee.
Rediscount credits disbursed under the Pre-Shipment and Post-Shipment Rediscount Credit programs amounted to USD 11.7 billion, which accounted for 48.4% of the Bank’s total loan volume.
Under the Buyer’s Credits Programs, credit disbursements in 2024 totaled USD 27 million, and USD 65.3 million was allocated in loans for trade finance transactions. Additionally, 20 letters of intent were issued in favor of Turkish companies for projects/export deals to be carried out in 10 countries with goods and services export potential.
During the reporting period, shipments worth USD 24.6 billion were covered under Receivable Insurance Programs, with Short-Term Export Credit Insurance representing 88% of it. While premiums collected totaled USD 76.3 million under the said programs, claims paid amounted to USD 23.1 million.
Robust Capitalization...
Türk Eximbank’s capital of TL 20.6 billion, which was fully paid-in, was increased to TL 35.7 billion through cash capital increases covered by the Republic of Türkiye Ministry of Treasury and Finance, followed by another transfer from extraordinary reserves that brought the capital up to TL 55.3 billion. Hence, the Bank’s robust capitalization continued to be preserved also in 2024.
New Products and Services Developed in line with Exporters’ Needs…
While strategic projects introduced in 2024 and activities with expanded scope rendered the Bank’s support mechanisms more accessible, the process improvements enhanced service quality. In this framework:
- The Bank kept producing solutions for interest-averse exporters in line with its strategy to diversify products and services. Accordingly, Participation Pre-Shipment Export Finance Program and Participation Financial Leasing Program were launched, which are offered via participation banks.
- Service furnishing through the Broker Sales Channel started in order to deliver insurance products to broader audiences, to acquire new exporters, and give increased access to insurance programs by diversifying sales channels.
- Credit collateral diversity implementation introduced based on approaches that take into consideration exporters’ “creditworthiness” together with their “export performance and potential” broadens the use of credits through generally accepted alternative collaterals in the banking industry, as well as bank letter of guarantee.
- Within the scope of the Rediscount Credit Based in Swap Agreements that were co-introduced with the CBRT, the facility that was initially implemented for imports from the People’s Republic of China was expanded to cover the State of Qatar.
Support to Investments for Alignment with Carbon Border Adjustment Mechanism…
Placing sustainability at the center of its strategy with the aim of getting exports ready for the Carbon Border Adjustment Mechanism which will start to be implemented in 2026, Türk Eximbank pays regard to economic, environmental, social and governance risks when conducting its activities. With this approach, the Bank obtained approximately USD 3.6 billion sourced in the form of sustainability-linked/themed funds and syndicated loans from international financial institutions in 2024 to be on-lent to exporters.
Obtaining Funds for Low-Cost Financing Available in Various Terms to our Exporters…
In 2024, Türk Eximbank secured funds in the amount of USD 8.4 billion from international markets and an additional USD 3.2 billion within the scope of funding from treasury transactions (repurchase agreements, TRS, borrowings) and kept offering low-cost financing facilities with various maturities from its fund stock maintained at USD 21.6 billion level, including CBRT funds of USD 9.7 billion.
Türk Eximbank was deemed worthy of three awards by Global Banking & Markets, significantly the “Export Credit Agency (ECA) of the Year” award, for its deals in 2024.
Prioritizing the financing of High-Technology and Value-Added Exports…
Türk Eximbank extends its support in line with the country’s export strategies; accordingly, financing of high-technology, value-added exports is prioritized when allocating the Bank’s support facilities. The share of High- and Medium-High-Technology Exports within Türk Eximbank’s credit volume exceeded our target at the end of 2024.
Continued Support through Cooperation with İhracatı Geliştirme A.Ş. (İGE)…
Under the Shareholders’ Equity Protocol signed by and between our Bank and İGE to provide our exporters with increased access to financing and broaden the collateral diversity strategy, four different packages incorporating surety support that prioritize high value-added exports have been introduced.
Strategic Partnerships, Renewed Collaborations…
Türk Eximbank has more than 60 agreements of various cooperation mechanisms that it signed with the export credit and insurance agencies of 43 countries, as well as multilateral financial institutions. The Bank sustained its close cooperation with these institutions, as well as its efforts for signing new agreements in 2024.
The cooperation between AFC and our Bank was crowned with the Risk Sharing Blanket Agreement signed with AFC, which is intended to facilitate Turkish firms’ involvement in infrastructure projects and foreign trade deals in the continent, and to contribute positively to our trade volume.
Explanations about Türk Eximbank’s Balance Sheet and Profit & Loss Statement
Türk Eximbank’s balance sheet size reached TL 871 billion (USD 24.7 billion) as at 31 December 2024.
Türk Eximbank’s assets are composed of credits by 88%, liquid assets by 6%, and financial assets measured at amortized cost by 1% and, derivative financial assets and other assets by 5%.
The Bank’s loan portfolio reached TL 763 billion, up by 48% in the twelve months to end-December 2024. Of the total credits, 51.6% (TL 393.7 billion) are short-term credits and 48.3% (TL 368.4 billion) are medium- and long-term credits.
Although a substantial portion of the Bank’s funds are channeled to the exports industry in the form of credits, the ratio of non-performing loans (NPL) (TL 877.1 million) to total loans is well below the sector’s average and stands at 0.1%.
Intensive efforts are spent for timely and full collection of Türk Eximbank’s receivables on the back of effective risk assessment methods pursued.
Türk Eximbank’s total liabilities were worth TL 870.6 billion. Of these, 11% (TL 93 billion) consisted of shareholders’ equity, 88% (TL 768.1 billion) of external funds, and 1% (TL 9.5 billion) of provisions and other items.
Out of the Bank’s shareholders’ equity of TL 93 billion, 59% (TL 55.3 billion) pertains to paid-in capital, 3% (TL 2.9 billion) to profit reserves and others item, and 38% (TL 34.8 billion) to net profit for the period.
TL 555.5 billion of foreign resources in real terms used for funding the Bank’s assets consisted of TL 279.4 billion in credits sourced by the CBRT, TL 166.4 billion in credits provided from domestic and foreign banks and borrowings from money markets, TL 150.8 billion in marketable securities issued, and TL 3 billion in subordinated loans.
At the Ordinary General Assembly convened on 5 June 2024, the authorized capital was increased to TL 120 billion. The Bank’s paid-in capital is TL 55.3 billion as of 31 December 2024.
The credit-weighted composition of Türk Eximbank’s balance sheet bears effects also on income. The Bank's total interest income is TL 127.3 billion, of which 88% (TL 111.7 billion) is interest received from loans.
On the other hand, the Bank’s interest expense was TL 92 billion since the Bank secures funds by way of borrowing from domestic and international money and capital markets and through bond issuances. Of this amount, 89% (TL 81.4 billion) was interest paid on borrowings from domestic and international markets, and 10.4% (TL 9.6 billion) was interest paid on marketable securities.
The Bank booked a net profit of TL 34.8 billion for the period ended as of 31 December 2024. Therefore, the Bank registered return on assets and return on equity ratios of 4.86% and 78.0%, respectively.
The Bank carries out its operations in accordance with the legislation governing it and the provisions of its Articles of Association, and we hereby present our summary report pertaining for the period ended 31 December 2024 for your review.
|
Osman ÇELİK
Chairman |
|
|
|
|
|
|
|
Özgür Volkan AĞAR
Deputy Chairman |
Ali GÜNEY
Member |
Nail OLPAK
Member |
|
|
|
|
|
|
Mustafa GÜLTEPE
Member |
|
D. Bahar ÖZGÜN YILMAZ
Member |
